I'm glad to hear that Noah Smith, a grad student at Michigan is interested in frictions and financial economics, with a little history thrown in. We would be glad to have him here at Washington University, provided he can pass our prelims.
I taught a course in the fall of last year in advanced monetary economics and macroeconomics. This is for students who have been through the first year of the PhD program, and the students who took it were mostly second-year PhD students. As you can see from the syllabus, this is pretty friction-heavy. It's full of non-neutralities of money, private information, financial contracts, financial intermediation, and financial crisis-related papers, including my own work. Where it's useful, I throw in some history to motivate the ideas. Most of the monetary history I know came my way informally. I pick it up when I need it, and I learned a lot from Bruce Smith, Warren Weber, Art Rolnick, and other people.
Now, some people, including Brad, Paul, and Larry, on the sorry state of macroeconomics and how no one is teaching what is relevant. It's unfortunate that some people who like to spout off are so ill-informed. When the financial crisis hit, there was plenty of off-the-shelf economic theory of financial contracts, financial intermedition, and monetary theory that could be, and was, brought to bear on understanding the important issues. Pay attention, you guys!